S.L. 345.19 Art. 6Notifications. Cap. 345 Cap. 370.

(1) The competent authority shall notify ESMA

and other European regulatory authorities of the details of:

(a) any requests to reduce the size of a position or exposure pursuant to regulation 5(a);

(b) any limits on the ability of persons to enter into a commodity derivative pursuant to regulation 5(b).

(2) The notification shall include, where relevant, the details of the request or the demand pursuant to article 32 of the Financial Markets Act, and article 13 of the Investment Services Act, including the identity of the person or persons to whom it was addressed and the reasons therefor, as well as the scope of the limits introduced pursuant to regulation 5(b) including the person concerned, the applicable financial instruments, any limits on the size of positions the person can hold at all times, any exemptions granted thereto, and the reasons therefor in accordance with regulation 3 and the reasons therefor.

(3) The notifications referred to in sub-regulation (2) shall be made not less than 24 hours before the actions or measures are intended to take effect. In exceptional circumstances, the competent authority may make the notification less than 24 hours before the measure is intended to take effect where it is not possible to give 24 hours’ notice.

(4) Where the competent authority receives a notification from another European regulatory authority pursuant to Article 79(5) of MiFID, it may take measures in accordance with regulation 5(a) or

(b) where it is satisfied that the measure is necessary to achieve the objective of the other European regulatory authority.

(5) Where the competent authority proposes to take measures in accordance with regulation 5(a) or (b), it shall also give notice in accordance with the provisions of this regulation.

(6) When an action under sub-regulation (1)(a) or (b) relates to wholesale energy products, the competent authority shall also notify the Agency Cooperation of Energy Regulators (ACER) established under Regulation (EC) No 713/2009.